Question
Assume that you start with a balance of $4500 on your MasterCard. Assume that MasterCard has finance charges of 16% APR and that each month
Assume that you start with a balance of $4500 on your MasterCard. Assume that MasterCard has finance charges of 16% APR and that each month you make only the minimum payment of 3% of the balance. During the first month, you charge $350, and during the second month, you charge $500. Complete the following table. (Round your answers to the nearest cent.)
| Previous balance | Minimum payment | Purchases | Finance charge | New balance | |
|---|---|---|---|---|---|
| Month 1 | $4500.00 | ||||
| Month 2 |
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Intelligent Credit Scoring Building And Implementing Better Credit Risk Scorecards
Authors: Naeem Siddiqi
2nd Edition
978-1119279150
